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Hosted by
Karin Keller-Sutter
Federal Councillor & Head of the Federal Department of Finance, Switzerland
Erwin Voloder
Director, Research & Strategy
Blockchain For Europe
Erwin Voloder is Director of Research and Strategy at Blockchain for Europe, where he leads the association’s work on digital asset policy and regulatory strategy across the European Union. He advises governments, EU institutions, and industry leaders on the intersection of blockchain, payments, and financial market infrastructure, with a focus on how emerging technologies reshape regulatory frameworks and market structure. With experience spanning the European Commission and the European Central Bank, Erwin combines policy, economic, and technical perspectives to support the development of forward-looking financial systems. He is a regular speaker at international forums and contributes to high-level discussions on the future of digital finance in Europe and beyond.
Speaking at
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2:00–3:30pmTue 23 JunGFTN InsightsRoundtable Room 2, Ground FloorOpenModerator
Blueprint for Digital Assets
The Future of Commercial Bank Money On-Chain
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Alex GluchowskiCo-founder & Chief Executive OfficerMatter Labs | ZKsync
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Andrew BrinsonChief Operating OfficerPave Bank
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Aymeric SalleyHead of Digital Assets PlatformBanking Circle
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Daniel NagyDirectorForefront
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Keisuke KimuraVice PresidentJapan Cryptoasset Business Association
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Mai KanekoInternational Business LeadDeCurret DCP Inc.
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Manuel KleinHead of Market Management Payments & Digital CurrenciesDeutsche Bank
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Martin BrunckoCo-Founder & Chief Executive OfficerSchuman Financial
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Dr. Michael BlaschkeCo-Host, Head of PartnershipsBitcoin, Fiat, & Rock'n'Roll (BFRR)
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Sébastien Van CampenhoudtDirector, Innovation & Digital Assets, Tokenized Cash LeadEuroclear
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Erwin VoloderDirector, Research & StrategyBlockchain For EuropeModerator
About this session
As the adoption of stablecoins accelerates globally, policymakers and financial institutions are confronting a deeper structural question: what form of money will anchor the next generation of digital finance?
Deposit tokens have emerged as one of the leading responses to this challenge, combining the safeguards of the traditional banking system with the programmability and efficiency of distributed ledger technology. However, despite growing institutional interest, most initiatives remain confined to pilots and closed networks, even as stablecoins rapidly achieve scale, distribution, and integration across digital asset ecosystems.
This roundtable brings together banks, infrastructure providers, and financial institutions to examine the challenges that constrain adoption of tokenized deposits, and the extent to which deposit tokens will coexist with or compete against stablecoins and other forms of digital money. It will also explore the growing push by jurisdictions worldwide to develop local-currency stablecoins as a strategic counterweight to dollar-denominated instruments and what these twin approaches - local currency stablecoins vis-a-vis on-chain commercial bank money - mean for the future shape of digital money.
Critically, the discussion will pose a broader strategic questio: whether tokenized commercial bank deposits can provide a sovereign and trusted foundation for the digital economy, or whether the future of digital money will be predominantly shaped by private stablecoin ecosystems, and the role of jurisdiction-specific stablecoin models therein.
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